Burford Capital revealed Wednesday it has completed its reorganisation which was announced on November 22nd.
Burford, publicised as the world's largest provider of investment capital and risk solutions for litigation, has issued 24.5m new ordinary shares of the company to the principals of the investment advisor. It has also cancelled the investment advisory agreement that entitles the principals to performance fees.
The principal's ordinary shares are subject to a two-year lock-up and to other restrictions negotiated with the company's board.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
"An application has been made for the new ordinary shares, which will rank pari passu with the company's existing ordinary shares, to be admitted to trading on AIM and trading in such shares is expected to commence today," the firm said in a statement Wednesday.
The total number of shares in issue and the overall ordinary shares in the company with voting rights will be 204m following the issue of the new ordinary shares.
Burford, a closed-end $300m investment fund publicly traded on the London Stock Exchange's AIM, has a market capitalisation of £201m with shares currently standing at 98.50p.
Equity release rates drop – is it worth unlocking cash from your home?
News Lifetime mortgage rates are falling from their record highs - is equity release worth another look?
By Marc Shoffman Published
Hargreaves Lansdown launches fixed-term cash ISA product
savings/hargreaves-lansdown-fixed-cash-isa-launch Investment platform Hargreaves Lansdown is to offer fixed term cash ISAs via its Active Savings platform paying 4.8%, tax free - but is it any good?
By Kalpana Fitzpatrick Published